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Rupee recovers against dollar

19 Dec 2012 Evaluate

Snapping five sessions losing streak, Indian rupee ended higher against American currency on Wednesday due to dollar selling by banks and exporters. Positive local equity markets and hopes of capital inflows into banking system after passage of banking bill in the Parliament also supported local unit to an extent. However, dollar demand from oil and gold importers restricted domestic currencies gains. Meanwhile, euro touched seven and half months high against greenback helped by better than expected German business confidence data.

Finally the rupee ended at 54.56, stronger by 30 paise from its previous close of 54.86 on Tuesday. The currency touched a high and low of 54.93 and 54.51 respectively. The Reserve Bank of India's (RBI) reference rate for the dollar stood at Rs 54.74 and for Euro it stood at Rs 72.48 on December 19, 2012. While, the RBI’s reference rate for the Yen stood at 64.92, the reference rate for the Great Britain Pound (GBP) stood at 89.0180. The reference rates are based on 12 noon rates of a few select banks in Mumbai.

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